Anglo Asian Mining 1Q25 review

1Q25 production update

• The company delivered total production of 8085 gold equivalent ounces (GEOs) which is a significant improvement on last year when production was partially suspended (1Q24: 2548 GEOs).
• First full quarter of production since the environmental shutdown with increases in production of each metal, and in particular copper.
• Copper production of 534 t (1Q24: 54 t).
• Gold production of 6029 oz (1Q24: 2266 oz).
• Silver production of 30 321 oz (1Q24: 6405 oz).

Q1 2025 Sales and cash update

• Total gold bullion sales of 4753 oz at an average of US$2843 /oz (1Q24: 3925 oz at an average of US$2080 /oz).
• An overall positive net cash inflow of US$1.0 million due to resumption of full processing during the quarter.
• The group has maintained its strong focus on cash and cost control, with net debt, including a US$5.0 million advance from Trafigura, decreasing to US$13.8 million at 31 March 2025 (31 December 2024: US$14.8 million).
• Inventory of US$7.1 million at 31 March 2025 (31 December 2024: US$4.0 million).

Operational highlights

• First full quarter of production since environmental shutdown in 2023.
• First ore extracted from the Gilar mine in March, with full production starting in May.
• Encouraging progress made with the refurbishment of the Demirli production facility.

Anglo Asian CEO, Reza Vaziri, commented:

“I am pleased to report our first full quarter of production following the restart of operations in the final quarter of last year. We produced 8085 gold equivalent oz, including 534 t of copper, which is an encouraging performance during the winter season. As a result of our careful cash management, we are pleased to report an overall positive net cash inflow of US$1 million.

“This strong start to 2025 is very encouraging as we ramp up production and execute our medium-term growth strategy to transition to a mid-tier, primarily copper-focussed producer. Gilar entering full production in May will be another key milestone and we are making important progress across our developmental portfolio. I look forward to providing further updates in the coming months.”

Read the article online at: https://www.globalminingreview.com/mining/15042025/anglo-asian-mining-1q25-review/